Kraken Parent Company Eyes Deal for Hyperliquid to Tap US Market
Hyperliquid Labs, a Singapore-based decentralized exchange, is in advanced negotiations to enter the US market through a partnership with Payward, the parent company of Kraken. The proposed structure would allow registered American traders to access Hyperliquid's crypto-linked perpetual futures via Bitnomial, a Chicago-based derivatives exchange and clearinghouse that operates under CFTC regulation.
The arrangement aims to address regulatory concerns surrounding Hyperliquid's decentralized architecture, which has drawn criticism over potential market manipulation, money laundering, and sanctions evasion. By routing selected products through Bitnomial, the compliance burden would be shifted to the regulated venue, allowing US traders to access Hyperliquid's platform without interacting directly with its permissionless blockchain.
The deal would mark Hyperliquid's first direct engagement with American traders, who have been locked out of the platform due to regulatory restrictions. The partnership is seen as a test case for connecting onchain liquidity to licensed intermediaries without dismantling the mechanics that made perpetual markets attractive in the first place.